Scholastic Corp (NASDAQ:SCHL) shares are trading lower by 9.7% at $38.24 after the company reported third-quarter earnings results.
Scholastic reported $344.50 million in sales this quarter. This is a 24% increase over sales of $277.50 million the same period last year. The company reported an EPS loss of 38 cents.
Peter Warwick, President and Chief Executive Officer, said, "Strong demand for our products resulted in a 24% increase in revenues in the third quarter with the biggest impact coming from higher than expected revenue per fair from book fairs, where fair count continues to approximate 70% of pre-pandemic levels.”
“As parents and teachers around the world seek to close the learning gaps created by the disruption of in-person learning, demand for our proven educational products is getting stronger. Whether it's from our core Trade backlist titles, Graphix™ series, engaging educational materials or the exciting way we deliver book fairs to schools, our loyal customers are turning to Scholastic to reinforce the love of reading in children," Warwick stated.
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Scholastic has a 52-week high of $43.71 and a 52-week low of $27.86.
